I am an Advanta customer in good standing with an account which offered a 7% 'FIXED' interest rate FOR THE LIFE OF THE BALANCE. I never had any late payments, never went over the credit limit, etc... I'm what some companies would consider to be a good honest customer - with a great payment history...
Well, in today's mail (12/29/08) I received a notice from Advanta stating that it was raising my 7% "fixed" rate to 32% effective 2 WEEKS AGO - if I did not "opt out" within 15 days (yes - only two weeks notice)... Needless to say - my formal "opt out" notice is in the mail to this rip-off company!
To everyone out there in web land - PLEASE PLEASE PLEASE read all of your mail that comes in to determine whether you can "opt out" of these outrageous interest rate increases! My understanding is that although your account will be closed when you opt out - you will be able to keep paying the account down under the OLD interest rate. If you decide to opt out - it is very important that you do it in writing and as specifically set forth in the opt out notice.
Of course, the credit card companies rely on people not doing the "opt out" notice correctly - so they can continue to rape them with the higher interest rate. BEWARE - and really look at your mail. For me - i will never do business with advanta again - ever... Whose's with me here?
0 comments